How to protect yourself buying preforeclosure!!

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I have heard some horror stories from investors regarding getting burned buying preforeclosures. I heard that some owners will quit claim properties to serveral people after accepting payment.

My question is for someone like me who is new to investing and the RE business, what should I do to make sure the person who is selling really owns the property and had not quit claimed it to someone else already. What's the best way in your opinion, to approach a pre-foreclosure sale, and how much research do you do on the property and owner? oh oh

Comments(1)

  • schallerp14th May, 2003

    Pay to have a title search done. In fact in almost every case you should do this as a rule of thumb. Better to spend $$ now then be out more because of liens and what not against the property.

    Title Search.

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